Cairo - Mubasher: Aman Holding, a subsidiary of Raya Holding for Financial Investments, has secured preliminary approval from the Saudi Central Bank (SAMA) to establish a consumer microfinance company in Saudi Arabia, with an initial capital of SAR 50 million.
However, SAMA’s preliminary nod does not represent a final license to begin financing activities, according to a bourse filing.
Aman Holding will own a 41% stake in the joint venture (JV), while Jarir Marketing Company (Jarir Bookstores) will hold 49%. Meanwhile, the remaining 10% will be allocated to Hamad Bin Abdullah Bin Sulaiman Al Manea and Partners Trading Company.
In January 2025, Aman Holding entered into the Saudi financial market through a non-binding memorandum of understanding (MoU) with Jarir Bookstores and Al Manea to establish a specialised consumer finance company with an initial capital of SAR 100 million.
